NEW YORK, Dec. 26 (Xinhua) -- U.S. retail sales excluding automobiles grew 3.1 percent year on year in the period from Nov. 1 to Dec. 24, 2023, according to preliminary data in the latest Mastercard SpendingPulse report issued on Tuesday.
By contrast, the United States recorded 7.6 percent of year-on-year expansion in the same period of 2022.
Still, the latest data shows that U.S. consumer spending holds up better than some of earlier forecasts.
The U.S. consumers showed up spending in a deliberate manner in this holiday season, said Michelle Meyer, Chief Economist with Mastercard Economics Institute.
"The economic backdrop remains favorable with healthy job creation and easing inflation pressures, empowering consumers to seek the goods and experiences they value most," said Meyer.
In particular, online retail sales increased by 6.3 percent year on year while in-store sales only showed 2.2 percent of year-on-year growth.
Retail sales in restaurants recorded year-on-year growth of 7.8 percent in this period thanks to rising family and social gatherings while sales of jewelry and electronics shrank 2 percent and 0.4 percent, respectively.
Not adjusted for inflation, the findings of the report are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.
The U.S. National Retail Federation forecasted that holiday spending during November and December 2023 is expected to grow between 3 percent and 4 percent over 2022 to between 957.3 billion U.S. dollars and 966.6 billion U.S. dollars.
